Vitro to Proceed With Restructuring under Court Approved Concurso Plan
February 9, 2012
Officials at Vitro S.A.B. de C.V. of Mexico have announced that the company is proceeding to take all necessary steps to complete its restructuring "as promptly as practicable in accordance with the concurso plan approved on February 7, by the Judge for the Fourth District Court for Civil and Labor Matters in the City of Monterrey, according to Mexican Insolvency Law.
According to company officials, the concurso plan as approved by the court provides for the replacement of the guarantees that were previously granted by Vitro's subsidiaries with guarantees of the new debt to be issued by the Company under the concurso plan.
"We look forward to completing Vitro's reorganization on the terms approved by the court, and will continue to work diligently, as we have for the past months, to complete the reorganization as promptly as possible," says Hugo A. Lara Garcia, Vitro's CEO, in a February 9 company news release. "We are confident that our clients, suppliers, our more than 17,300 workers and the communities where we are located, join us in anticipating a speedy and successful consummation of the company's concurso plan."
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